What Evidence Exists to Support or Refute the Various Forms of the Efficient Market Hypothesis in Cryptocurrency Markets?

Evidence supporting EMH in crypto markets includes the observation that arbitrage opportunities, while present, are often fleeting and diminish as markets mature. However, significant evidence refutes the stronger forms of EMH.

The existence of profitable, large-scale arbitrage, the impact of social media sentiment on prices (market anomalies), and extreme volatility suggest that prices do not always reflect all available information efficiently. The market is generally considered to be less efficient than traditional financial markets, likely aligning more with the weak form of efficiency.